Some interesting thoughts on the current lay of the mining landscape:

Both leaders see the current market environment, with many miners pivoting to AI and machine prices depressed, as an ideal entry point for committed Bitcoin miners. Colyer recalled a similar moment in late 2019, during the depths of the bear market, when Silbert told him to buy every machine available.

"It reminds me of the end of 2019," Colyer said. "Everyone was depressed, there was nobody buying machines, and literally Barry was like, go buy all you can buy."

Zagury confirmed that Elektron is currently one of the only buyers purchasing mining equipment at volume, creating favorable conditions for expansion. He anticipates slower hash rate growth this year as capital flows toward AI infrastructure, which he believes represents a riskier bet than Bitcoin mining.

"Bitcoin is a significantly less risky business than AI HPC because not only it's less capital intensive," Zagury said. "AI HPC...are still in the nascent part of the technology ramp up. You are going to see step functions that are going to wreck a lot of people."

Both leaders predict continued convergence between energy markets and financial markets, with Bitcoin miners serving as controllable loads that help utilities balance grids, with Colyer noting that Foundry can actually observe weather patterns in Texas simply by watching hash rate fluctuations as miners respond to grid conditions.